Remittance firms are using crypto to bypass parts of traditional settlement infrastructure, but this does not mean SWIFT is disappearing.
Some of the world’s largest remittance providers are accelerating their digital asset strategies as they look for faster settlement alternatives to traditional banking rails.
Western Union’s new stablecoin USDPT is the latest example of the growing overlap between traditional payments firms and crypto infrastructure. The money transfer company launched its Solana-based stablecoin on Monday in the Philippines and Bolivia, with plans to expand into additional markets throughout 2026.
Western Union CEO Devin McGranahan said in the company’s Q1 earnings call that the stablecoin will be used as an alternative settlement layer to the decades-old SWIFT network.
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